Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marty and Jean are married and have 4 - year - old twins. Jean is going to school full - time for 7 months of

Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 7 months of the year, and Marty earns $56,900. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $8,100.
TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES
Adjusted Gross Income Applicable Percentage
Over But Not Over
$0 $15,00035%
15,00017,00034%
17,00019,00033%
19,00021,00032%
21,00023,00031%
23,00025,00030%
25,00027,00029%
27,00029,00028%
29,00031,00027%
31,00033,00026%
33,00035,00025%
35,00037,00024%
37,00039,00023%
39,00041,00022%
41,00043,00021%
43,000 No limit 20%
What is their 2022 child and dependent care credit?
fill in the blank 1 of 1$Marty is at work. The cost of day care is $8,100.
CHILD AND DEPENDENT CARE CREDIT PERCENTAGES
\table[[Adjusted Gross Income,Applicable Percentage,],[Over,,But Not Over,],[$0,-,$15,000,35%
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

4th Edition

0471072419, 978-0471072416

More Books

Students also viewed these Accounting questions